Short Sales

Over 70% of the properties in Clark County are now "upside-down", meaning that the mortgage debt on the property exceeds the current market value.  So, property owners who are in this position may consider applying to their mortgage company (or companies, if they have more than one mortgage) for a "short sale."  The term "short sale" simply means that the property is sold for the current market value, even though the amount owed on the property exceeds that figure.  In order  for this to happen, the mortgage company must agree to release the lien on the property at close of escrow so that clear title can be conveyed to the new owner.  Approximately 90% of all short sales are now being approved (and conversely, approximately 90% of all loan modifications are being denied).  If you are curious about the short sale process, feel free to contact me for more information.  We will be hosting a Short Sale Seminar on April 28, 2011, at our office from 5:00 - 6:30pm.